Level Up Finance

Sunday, 19 March 2017

Personal finance is not a difficult subject to tackle -- it
does not need learners to identify certain ideas or concepts. All one needs in
financial education is discipline. The ability to identify money one could
spend and should keep is all what personal finance truly is.

The first thing any saver should know is prioritising the
items on their list of financial responsibilities. The first of these would be
bills, second of which would be their debts and loans.

Last would be the things
they want or do not need immediately. It is easy to lay down on paper, but
could be very difficult to enforce in one's monthly or regular income.

The best way to begin is to do it slowly with small things.
Set reminders to pay for bills first before spending any money on items that
are below-priority. Once the body memorizes these by instinct, one just spends
money on things in an organised manner. Until eventually, one develops the
discipline effectively.

Third, the only way to ensure one's financial success and
discipline is to have a financial goal. Student debt holders must calculate the
amount they need to repay on a monthly basis to ensure they pay the right
monthly amounts. Focus on this financial goal; break into small pieces the
objectives needed to achieve these bigger goals and focus on each one slowly.

Sunday, 19 February 2017

People lack time in managing their finances
when in fact they should allot more time to the task. Money management helps
one allocate all expenses and incomes to see a bigger picture of their finances
to determine their next financial move.

According to The Hindu, despite the trade
skills one learns in school to earn money, poor money management will result
into an unsuccessful career endeavour. Higher income is never a guarantee,
according to The Hindu. This makes financial management "that one skill
that can help you manage everything.

A good look into one's income and spending
daily helps them prioritise and de-prioritise items according to the needs of
the time. Financing repayments for a house is one -- another would be education
of children. Spending money to satisfy a whim because one does not enjoy their
money is not a good discipline for money.

Spending is a juggling act; priorities are set
forward before any personal spending can be achieved. At least 50% of one's
income heads to priority bills and property concerns. Next would be one's
financing and other bills related to loans, mortgages and credit cards. Last
would be other concerns in the future, such as an emergency fund for personal
money management.

Living with a blind spending budget is an easy
way to find deficits in one's budget and ultimately into personal bankruptcy.
Improper financial allocations -- namely uncontrolled urges to spend -- are
gateways to poor financial management.

Tuesday, 17 January 2017

According
to accountancy and business advisory company BDO, UK's financial sector reports
less fraud by 62 per cent to only £214.9m in 2016 -- a figure the company
attributes to the increased public and regulatory scrutiny of financial
services following the 2008 financial crisis. However, BDO warns the figures
are only "the tip of the iceberg."

According
to BDO Partner and Fraud Chief Kaley Crossthwaite, the new requirements on
companies in the regulated sector specifically for better systems and controls
had helped improve fraud tracing and surveillance. Companies not implementing
proper systems as required the regulator immensely fines.

While
actual fraud figures have dropped, accusations from reported fraud have
increased by 31 per cent -- a five-year high of £21bn possibly pocketed
illegally by certain company officials. According to BDO, if police forces are
given more resource to handle complex fraud cases and undertake more
investigations, the figures may go beyond the small number.

Ms
Crossthwaite said companies often try to resolve fraud matters privately to
avoid asset loss and minimise publicised damages. Her company also works with
majority of these cases.

To further
handle fraud in the United Kingdom, new measures may be installed such as the
Criminal Finance Bill that will go through its final debate in parliament. The
Bill could prevent tax fraud and the seemingly-legal tax-evasion procedures
used by companies by finding legal loopholes.

Sunday, 18 December 2016

Globally, demonetisation is now a trend. Consumers are using
applications such as Paypal or their credit cards to purchase items worldwide.
Couriers are working efficiently to deliver items to one's door at a guaranteed
time. Finances can instantly disappear under a consumer's nose if they do not
monitor them properly.

In 2017, it pays to know about technologies that help you
manage your finances and having the right attitude to handle your money.
Discipline is still important along with a certain few others.

Mind Your Retirement

Always save up at least 40% of your salary for your
retirement. State retirement plans look more promising than corporate-provided
plans. Also, private retirement plans are great to look into. An ideal
percentage to set aside from your monthly income would be 50%.

Emergency

In any case, always have at least 3 months worth of income
with you at any time. You could lose money immediately to an emergency. One
should always have money at the ready for any emergency involving health or
unemployment.

Think Progressively

Financial technologies that exist today are still in their
infant phases. Banks offer your accounts an online way to manage your finances.
Look through your options and understand how they work; they can help you
monitor your spending especially if you are a savvy buyer in online stores.

"This means that borrowers coming to the end of a two-year
fixed deal will find they can now get the extra security of a longer term for a
similar price to their old two-year deal."

Fixing for a longer term could protect families against
financial shocks in the coming years.

Ms Nelson added: “With the gap between the average two-year
fixed rate and the average five-year fixed rate standing at just 0.63 per cent
today, borrowers can now opt for the security of a longer term fixed rate with
little extra cost to their monthly repayments.

“Borrowers coming to the end of their fixed deal or those
who are currently sitting on their SVR should seriously consider opting for a
new fixed rate now, as there is no way of telling how low these deals can go.”

Monday, 10 October 2016

It's the turn of the
century... at least for Britain and its pensioners.

Pension living is
becoming huge trouble than convenience for most people. Defined-benefit
retirees are now struggling as corporate retirement plans have a huge deficit
to fill in.

In a span of just five
years, the UK's retirement deficit grew. Now, state pension and corporate
pensions are things you couldn't depend on.

So if you're going for
a personal pension plan, I suggest you go with your gut on other options.
Especially equity-based ones.

One has to admit that
what I'm suggesting is outrageous. Corporations are growing profits while
you're stuck in the gutter.

It's the reality of
the situation I'm getting at. Investors and beneficiaries are always a
corporation's priority. Investing in corporate funds and group funds that
diversify your portfolio to each of these companies help.

For just a few years
you can grow your money through a personal pension plan. Equities are growing
especially in the tourism and export industries.

The weakening pound
sterling -- with a little help from BoE's almost-negative interest rates -- is
contributing to the favours of these industries.

It's important to
invest as soon as you can; it's possible that foreign investors may take
advantage of the weak pound and invest in these areas where they can. An
inflated stock price can reach a bubble and everyone knows what that means.

Sunday, 11 September 2016

The news of the Wells
Fargo massive identity theft reminded me that even the UK's financial district
-- the top banking centre -- lacked in security and systemic improvement --
that can ultimately protect consumers.

This shows that
identity theft and mindfulness of one's financial accounts truly matter.

To ensure we get them
all locked out of our accounts, make sure that your account activity is
properly monitored with the following steps.

Account Activity

Keep close watch over
your bank and credit card accounts. If you are using paper statements, make
sure that you read them when they come in the mail. Read each notification you
have with your digital accounts.

Tools

If you have digital
accounts, banks will have a tool that would help you monitor your account
balance from anywhere. It could be a text or email alert that you could
subscribe to.

Monitor Your Bank Reports

Keep close watch over
your credit reports for each of your bank accounts. If you spot someone has
opened an account in your name and it becomes delinquent, you have two other
accounts to support your claim that you are not that other person.